Lesson 5.1 - Quote Anomaly Investigation¶
Story¶
“The Price Is Moving, But Is It Real?”¶
At 14:06, XAUUSD jumps sharply for one tick. Other reference sources do not show the same move, one quote-source quote is far away from the rest, and several client stops trigger.
Learning Objectives¶
- Investigate suspicious quote movements systematically.
- Distinguish market volatility from quote anomalies.
- Build evidence before recommending corrective action.
Quote-Anomaly Investigation Workflow¶
Four Common Classifications¶
| Classification | Typical Characteristics | Key Evidence | Investigation Position |
|---|---|---|---|
| Genuine market move | Seen across multiple independent sources | Independent market references, timestamps, spread and tick sequence | Confirm market context and cross-source consistency; do not classify sharp volatility as a system issue without evidence |
| Price spike | One isolated, extreme quote that quickly returns to the normal range | Tick time, chart screenshot, Bid / Ask and affected orders | Compare independent sources and timestamps before preliminary classification |
| Stale-price recovery | Price was frozen then catches up | Last update time, recovery time and orders during the gap | Establish the stale interval, recovery path and affected order scope |
| Internal quote issue | Quote processing, filter or mapping records are inconsistent | Quote-source records, processing and filter logs, platform ticks and order records | Preserve chain evidence and escalate for authorised cause and action review |
Evidence Checklist¶
Collect symbol/time, platform tick sequence, quote-source bid/ask and timestamps, market-reference comparison, quote-processing logs, affected order list, and post-event quote status.
On-Shift Investigation Steps¶
A quote-anomaly review should not start with compensation, blame or a final conclusion. It should start with verified facts:
- Confirm the affected symbol, server time and duration.
- Save MT4 / MT5 client terminal screenshots, using more than one account or platform view if useful.
- Compare Bid / Ask, spread, tick sequence and quote-source timestamps.
- Check Bridge logs for affected orders, platform-rule rejects, timeouts or abnormal queue behavior.
- Define the impact scope: one account, one group, one symbol or multiple products/clients.
- Escalate neutrally: record confirmed facts without admitting a pricing error or dismissing the client prematurely.
Common Quote Issues and Evidence¶
| Issue | Meaning | Evidence Focus |
|---|---|---|
| Price spike | A sudden chart needle that quickly returns to normal range | Tick time, chart screenshot, Bid / Ask, affected orders |
| Suspected off-market price | A quote visibly deviates from other sources or a reasonable market range and still requires investigation | Quote-source comparison, reference market, spread, timestamp |
| Stale-price recovery | A price stops updating briefly and then catches up | Last update time, recovery time, orders during the gap |
| Quote-source divergence | High/low differences between quote sources widen abnormally | Quote contribution, spread, quote-source status |
| Chart/order dispute | Client-visible chart and trigger/fill record need reconciliation | Client terminal screenshot, order ID, server time, Bridge log |
Case Simulation¶
Isolated XAUUSD Spike¶
- Quote Source C publishes a bid far below all other quote sources.
- The aggregator accepts it for one tick.
- Several sell stops are triggered.
- Quote Source A/Quote Source B/Quote Source D do not show the move.
- The next valid tick returns to normal range.
A sharp price move appears on one quote source only and is absent from other reliable sources. What is the best next step?
Quote incidents require evidence, comparison and disciplined classification. A sharp tick alone is not enough to determine what happened.
Practical Training¶
Real Scenario
XAUUSD prints a long needle at 14:06 and several clients report stop-loss triggers.
Evidence a Dealer Should Review
Tick sequence, Bid / Ask, quote-source prices, client terminal screenshot, reference market, trigger price, Bridge log and affected order IDs.
Incorrect Example
Immediately tell the client the price was wrong, or reject the complaint before verifying the quote sources.
Correct Handling
Save evidence, compare sources, define the impact scope and escalate for authorized review.
Summary¶
A quote-anomaly investigation must compare sources, preserve the timeline and define the affected scope before any cause, client response or corrective action is decided.
Completion Criteria¶
- Can explain the key risk or operational objective of this lesson
- Can identify the required systems, data, or evidence to review
- Can describe the correct escalation or handling process
- Can apply the lesson correctly in a supervised scenario